Fields Used In Online Calculators for Car Financing

May 28, 2010 - PRLog -- While applying for car financing (http://www.unitedcarloan.com), it is essential to know what sort of monthly payments one is going to pay and whether it can be afforded or not. The main problem that comes in calculation is that one doesn’t know what elements are going to be used for calculating the estimated monthly installments. There are online calculators provided by various websites and the following lines explain how one can use these calculators.

The first thing is to do is browse. Just typing ‘online EMI calculator’ on any search engine would provide a list of different calculators which can be used to calculate the monthly payment. The different elements used in calculators include:

Loan amount: this loan amount includes the total cost of the car including all the taxes and dealer fees. One should browse the price of the car from a number of websites before putting the price in the field.

Down Payment: the second field is of down payment and one should fill this with the amount that one wishes to put down.

Loan term: it is the time period in which one has to pay back the car financing loan (http://www.unitedcarloan.com) amount and can vary from three to six years. Longer the time period, smaller would be the monthly installments.

Interest rate: one can either browse a number of lenders before calculating the monthly payments which would provide information regarding the interest that is being charged. Otherwise, one can even put in an approximate measurement of the rate and calculate the monthly payment.

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